In March 2018, the Monetary Authority of Singapore (MAS) announced revised standards on data collection requirements for MAS 610/1003 ― its core balance-sheet monthly regulatory return.
An Open Taxonomy for MAS 610 Compliance enables all industry participants to have a shared understanding of MAS’ data ask
Consortium formed to simplify and streamline MAS 610 compliance reporting. Parties included:
Reduced change management costs: Accelerates comment cycles and enables firms to focus on change impacts
Encourages broad-based adoption and innovation in related technologies and services
Creates efficiencies for all industry participants by tapping the wisdom of the crowd
Higher data quality: Reduces ambiguity associated with each firm’s interpretations
Aligns with global regulatory trend: Regulators including MAS, APRA, EBA, BoE, EIOPA, Bank of Spain are using taxonomy-based approaches
Lower operating costs: Facilitates automation (deployment and testing), timeliness, and accuracy of future implementations
Lower project costs: Reduces analytic effort from an average of six person-months to less than one person-month